Fences
Fences are the only place money changes hands: winners are paid by losers, and the ranch only takes a fee and presses buttons.
Fences at launch
"Will it fall today?" (direction fence)
| Fence | Opens | Closes |
|---|---|---|
| Day fence | Mon–Fri 09:30 ET | Same day 16:00 |
| Night-shift fence | Mon–Thu 16:00 | Next day 09:30 |
| Week fence | Monday 09:30 | Friday 16:00 |
The fence line is the opening price. Close below it and Cross (the bears) wins. Close flat or above and Hold (the bulls) wins.
A flat close counts as a Hold win
The price feed only updates on a 0.5% move or every 24 hours. On a quiet day the closing price often equals the opening price, and that goes to Hold. The app says so on every fence card.
"How will Monday open?" (Call Monday's open)
Bet all weekend on how far Monday gaps. Opens Friday 20:00 ET, betting locks Sunday 19:00, and it closes on the first price update after Sunday 20:00.
| Band | Gap |
|---|---|
| 1 | Below −5% |
| 2 | −5% to −2% |
| 3 | −2% to 0 |
| 4 | 0 to +2% |
| 5 | +2% to +5% |
| 6 | Above +5% |
The band that hits is the winning pool; the other five are the losing pool. You can bet on several bands.
Which breeds get fences
Official fences open for focus breeds: SPY plus the 3 breeds with the most effective stake last week. Nobody picks them; the contract computes them every Friday. Other breeds can be bet on through Planks (listings, below).
How the Pool pays (E1)
Winners first get their own stake back.
Then they share the losing pool, minus a 5% fee, by shares.Example: Hold has $6,400, Cross has $3,600, and the result is Hold. The fee is 5% of $3,600 = $180. The remaining $3,420 is shared among Hold bettors by shares, on top of their own stake.
- Minimum bet 1 USDG; you can bet more than once.
- Each fence has a total cap of $50,000 for now.
- The fee comes only from the losing side. Winners never pay it.
Dusk: bet early, get more shares
The later you bet, the fewer shares each dollar buys: from 1 at open down to 0.5 when betting locks. Dusk only changes how the losing pool is shared; it never touches getting your own stake back.
Betting locks a little before the close (15 min for the day fence, 30 min for the night shift, 1 hour for the week fence, Sunday 19:00 for Monday's open) so nobody can bet after seeing the last move.
Planks: fixed odds (E2)
Anyone can list a fence: pick a breed, a fence line, a close time, a side, a ticket price between 0.01 and 0.99, and how many shares.
- One share pays 1 USDG if your side wins.
- The person taking it pays the ticket; the lister locks the rest. Together it's exactly 1 USDG per share, so every share is fully funded, with no liquidation.
- The fee is 3% of the ticket.
- You can't take your own listing.
When nobody wins: full refund
| Case | What happens |
|---|---|
| One side (or the winning band) is empty | Full refund |
| No fresh price at close, or the feed is paused | Wait up to 24 hours; still nothing → void, full refund |
| A stock split during the fence (price multiplier moved more than 10%) | Void, full refund |
| Monday's open never gets a price within 4 days | Void, full refund |
Collecting
After a fence settles you collect yourself. It never expires and nothing can block it. Anyone can press "settle" when the time comes and gets a small bounty for it (paid from the fee), so fences always get settled.
Where the fee goes
Of every fence fee: 60% to the Harvest pool, 25% to the team, 10% to the ops pool, 5% to whoever settles. Details: Where the money goes.